What’s Ahead For Mortgage Rates This Week – August 22, 2016

Last week’s economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.

Shortages of available single-family homes have driven up home prices and increased competition among homebuyers; short inventories of homes for sale are affecting affordability in many areas, although buyers seem motivated by lower mortgage rates and some easing of mortgage requirements. Analysts have repeatedly said that the only solution to the shortage of homes is building more homes.

Fortunately, the National Association of Home Builders reported that builder sentiment concerning U.S. housing markets increased in August. The HMI moved up to a reading of 60 in August as compared to July’s reading of 58. Readings over 50 indicate that a majority of builders surveyed are confident about housing market conditions.

According to NAHB, home builders continued to face obstacles including shortages of buildable lots and skilled labor. Regulatory issues were also cited by some builders, but overall, builders remain optimistic about housing market conditions.

Housing Starts Up, Building Permits Issued Slip in July

Commerce Department reading s on housing starts and building permits issued were mixed; housing starts rose from July’s reading of 1.186 million permits issued to 1.211 million permits issued in August. July’s reading was the second highest since the recession but was driven by multi-family construction. Building permits were lower in August with a reading of 1.152 million permits issued against July’s reading of 1.153 million permits issued.

Analysts said that under present market conditions, there is little reason for homebuilders to increase single-family home production as current pricing has put many would-be buyers on the sidelines.

Mortgage Rates Mixed, New Jobless Claims Lower

Freddie Mac reported that average rates for 30-year and 15-year fixed rate mortgages dropped last week while the average rate for 5/1 adjustable rate mortgages rose. The average rate for a 30 year fixed rate mortgage was 3.43 percent and the average rate for a 15-year fixed rate mortgage was 2.74 percent; both readings were two basis points lower than for the prior week. The average rate for a 5/1 adjustable-rate mortgage was two basis points higher at 2.76 percent. Average discount points held steady for fixed rate mortgages at 0.50 percent; average discount points for 5/1 adjustable rate mortgages were lower at 0.40 percent.

New Jobless claims fell by 4000 claims to 262,000 new claims, which was lower than analyst expectations of 265,000 new claims and the prior week’s reading of 266,000 new claims. Job security is important to home buyers and signs of strong labor markets can help propel would-be buyers into the market,

What‘s Ahead

This week’s scheduled economic news includes releases on new and existing home sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will be released on schedule.

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682 E Aurora Drive San Tan Valley, AZ 85140

$569,990

4 Beds

2.5 Baths

2,094 SqFt

Status Active

MLS # 6768688

Property Type Single Family Residence

Price Type --

Almost Complete! This gorgeous Santa Rosa II home offers a beautifully designed split floor plan with 4 bedrooms (in lieu of the home office) and 2.5 bathrooms. The spacious great room and kitchen, highlighted by a stunning vaulted ceiling, create the perfect setting for entertaining. The kitchen is a showstopper, featuring our Loft-inspired ''Looks'' collection with sleek dark blue cabinets, brushed nickel hardware, stylish floating shelves, and sparkling quartz countertops. The luxurious Primary Suite offers a serene retreat, complete with a spa-like bathroom and a generous walk-in closet. Every detail of this home has been thoughtfully crafted to create a blend of modern comfort and elegance. Don't miss your opportunity to own this beautiful home—make it yours today! Up to 6% of Loan Amount can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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20234 W Catalina Drive Buckeye, AZ 85396

$569,990

3 Beds

2 Baths

2,224 SqFt

Status Active

MLS # 6670246

Property Type Single Family Residence

Price Type --

START PACKING!!! It's the stunning Crimson - Multi door that leads out to the extended covered patio perfect for entertaining. Stainless steel gas appliance package with a 30'' cooktop, wall oven. Duraform ''Espresso'' cabinets with 42'' kitchen uppers. Silver Falls granite countertops in kitchen and at the enhanced kitchen island. Upgrade flooring includes 5'' baseboards and door casing EMS Anthem white 18x18 tile in all areas of the home except bedrooms and closets. Interior two tone paint - Whiskers. Dual sinks at bath 2, Stub out for future BBQ, soft water loop, 8' tall garage door, garage door opener with two remotes, garage service door for easy access into the backyard and so much more.

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720 E Aurora Drive San Tan Valley, AZ 85140

$569,990

3 Beds

2.5 Baths

2,094 SqFt

Status Active

MLS # 6755660

Property Type Single Family Residence

Price Type --

Ready for a Quick MOVE_IN!! - This Santa Rosa plan offers 3 bedrooms, 2.5 baths, and a versatile FLEX room, perfect for a home office or peaceful retreat. Part of our signature Classics ''Looks'' interior collection, the kitchen boasts a spacious island with breakfast bar, White Cabinets, and Quartz Countertops. The open great room and dining area flow seamlessly to an oversized covered patio, ideal for indoor/outdoor living. Enjoy the convenience of our unique HovHub with a built-in desk as a drop zone near the garage entry. The Primary suite features a luxurious resort-style bath and a spacious walk-in closet. ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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20625 S 228th Place Queen Creek, AZ 85142

$569,990

4 Beds

3 Baths

2,234 SqFt

Status Active

MLS # 6764438

Property Type Single Family Residence

Price Type --

''The Sunflower floorplan is ideal for modern living, featuring an expansive kitchen with a large island, pantry, and generous dining and Greatroom areas, perfect for entertaining guests or enjoying quality family time. Step into this stunning quick move-in home, offering a thoughtfully designed 2234 sqft layout with 4 bedrooms, a guest retreat, 3 full bathrooms and 2.5 car garage. The home radiates elegance with finishes from the Coastal Collection, showcasing 6 x 36 Vicinity Natural plank tile floors in the main living areas, plush carpeting in the bedrooms, and stylish 42'''' Fairview White shaker cabinets adorned with polished Chrome hardware. The kitchen is truly a showstopper, featuring Della Terra Quartz - Crisp Stria countertops and Marazi Zellige Cielo 4x4 Brick Patterned tile backsplash, creating a seamless blend of luxury and functionality. Additional highlights include 8' doors throughout, adding to its refined appeal. The spacious Greatroom is accented by a 4-panel sliding glass door that seamlessly transitions to the covered patio and backyard, making it perfect for embracing indoor-outdoor living. This home is fully equipped with stainless steel appliances, including a gas range, microwave, dishwasher, and soft water loop. This Sunflower plan combines thoughtful design with elegant details, creating an inviting and meticulously finished space that is ready to welcome you home. This home is located across the park and is on a larger homesite.

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5329 W Rainwater Drive Laveen, AZ 85339

$569,990

5 Beds

4 Baths

2,838 SqFt

Status Active

MLS # 6769226

Property Type Single Family Residence

Price Type --

MLS#6769226 Ready Now! The Pinnacle at Tierra Montana Encore presents a stunning two-story design with a spacious primary suite located on the main floor. This suite offers a large shower, soaking tub, dual-sink vanity, and a walk-in closet perfect for year-round storage. The open-concept layout connects the expansive gathering room to the gourmet kitchen and dining area, creating an ideal space for entertaining. Also on the first floor, you'll find a laundry room and a guest bedroom with a full bath, perfect for hosting overnight guests. Upstairs, three additional bedrooms, two full baths, and a generous loft provide ample space for family living. Structural options include: 5th bedroom and 4th bath in lieu of study and half bath.

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31969 N 117th Avenue Peoria, AZ 85383

$569,990

3 Beds

2 Baths

1,486 SqFt

Status Active

MLS # 6755500

Property Type Single Family Residence

Price Type --

Acacia - We're building this home in the beautiful new community of Mystic in Peoria. Large walk-in shower at owner's bath with tile surrounds and floor. Pavers at drive, walk and entry. Kitchen upgrades include stainless steel gas appliance package with a 36'' cooktop, wall oven, microwave and glass canopy hood. Sonoma Maple Slate (Gray) cabinets with soft close doors & drawers, pull out trash drawer. AZT Hana Sky quartz countertops at kitchen. Upgrade flooring includes AZT 12x24 Sand Matte tile in all areas of the home except beds/closets. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 3.

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268 S 164th Drive Goodyear, AZ 85338

$569,990

4 Beds

2.5 Baths

2,229 SqFt

Status Active

MLS # 6767714

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN!!! This 3 bedroom home with a flex room and 2.5 baths and a 3 car garage has an extended covered patio. 12x9 sliding glass door off the great room. Pavers at drive, walk and entry. Gas appliance package in stainless steel, 30'' built-in cooktop, wall oven and glass canopy hood. Barnett ''Slate-gray'' cabinets with 42'' kitchen uppers, pull out trash drawer and two bins. AZT Della Terra quartz countertops in kitchen, baths except powder bath. Flooring includes EMS Baccarate 12x24 tile in all areas of the home except bedrooms and closets. 5'' baseboards and 3 1/4'' door casings throughout the home. Dual sinks at bath 2. Soft water loop, 8' gate, 8' tall garage door with openers and so much more.

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14910 W Dreyfus Street Surprise, AZ 85379

$569,990

4 Beds

2.5 Baths

2,728 SqFt

Status Active Under Contract

MLS # 6725590

Property Type Single Family Residence

Price Type --

Priced to Sell and Sellers are OFFERING CONCESSIONS to buyer! Come Fall IN LOVE with this gorgeous 4 bedroom (plus a loft), 2.5 bath home with OWNED Solar (NO LOAN/LEASE) & a POOL! This fabulous floor plan boasts a large dining area with a butler's pantry leading into an amazing gourmet kitchen (which opens to a cozy family room) with a plethora of espresso cabinets, recessed & pendant lighting, granite counters, SS appliances, drop in gas cook top, walk in pantry and kitchen island. And luxury viny plank (NO CARPET)throughout the home! The master ensuite boasts dual sinks, separate tub & shower. You will enjoy the vacation style backyard with its covered patio, green grass, POOL & entertainment area! This is a MUST SEE!!!

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17871 W Southgate Avenue Goodyear, AZ 85338

$569,900

4 Beds

3.5 Baths

3,232 SqFt

Status Active

MLS # 6734110

Property Type Single Family Residence

Price Type --

30 DAY QUICK MOVE IN!! ASK ABOUT OUR LOWER THAN MARKET FINANCING! BEAUTIFUL 2-STORY HOME* EN SUITE ON 1ST FLOOR* FLEX ROOM & LOFT* WHITE SHAKER CABINETS* WOOD-PLANK LVP FLOORING* QUARTZ COUNTERTOPS* END LOT* N/S FACING!!!

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5912 W Bushwood Way Florence, AZ 85132

$569,900

2 Beds

2 Baths

2,039 SqFt

Status Active

MLS # 6755790

Property Type Single Family Residence

Price Type --

ENJOY THE STUNNING VIEWS OF THE 8TH FAIRWAY of Poston Butte Golf Course with this gorgeous ''Pursuit'' model in Sun City Anthem at Merrill Ranch. This meticulously maintained home offers an abundance of upgrades that includes an outdoor living space that offers a paver entry w/sitting area, extended paver patio w/putting green, where all putts are good, and surrounded by beautiful landscape. Your new home is just as stunning inside with details that include upgraded LVP flooring throughout , reclaimed WY fence wood accent walls, French doors and Murphy bed for optional 3rd bedroom, simulated wood beam accents in great room and surround sound. Take advantage of the tremendous SOLAR SAVINGS w/23 panels producing 8.5kw of OWNED SOLAR and mini-split A/C in the garage. The Chefs kitchen... features true staggered upgraded cabinetry w/pull out shelves, pots/pans drawers, gas cooktop French door refrigerator, tiled backsplash, under cabinet and pendent lights over the spacious island. Additional features include a Roman walk-in shower with floor to ceiling tile in the primary en-suite, 4' extended garage and cabinets, epoxy garage floor, insulated garage, water softener, tankless water heater and a service door that leads to the exterior garbage corral. Some furniture available on a separate bill of sale...A MUST SEE HOME!! Merrill Ranch also offers the Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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20314 N Wagner Wash Drive Buckeye, AZ 85396

$569,900

2 Beds

2.5 Baths

2,342 SqFt

Status Active

MLS # 6733834

Property Type Single Family Residence

Price Type --

**PREMIUM DESERT VIEW HOMESITE** This extended popular Refuge model includes the 4' garage extension and a 2' rear extension. Wonderfully appointed with a chef's kitchen, large pantry and two dens, each with glass French doors. Also, this home has 2 bedrooms, each with its own en-suite bath, plus a powder room for guests. Other add-ons include plantation shutters throughout, pre-wired surround sound, built in storage in garage, fully enclosed backyard, custom designed lighting and so much more!. Do not let this opportunity pass you by. Elegant French doors enhance the home's aesthetic appeal, adding a touch of sophistication to your living spaces. Step outside to your large covered patio, perfect for outdoor dining and relaxation. The electric sun screen provides shade and comfort, allowing you to enjoy the outdoor space year-round. Experience the best of active adult living in this exceptional home. Don't miss out on this opportunity!

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4043 N Smithsonian Drive Florence, AZ 85132

$569,900

3 Beds

2.5 Baths

2,467 SqFt

Status Active

MLS # 6762591

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, LOCATION! Enjoy the tour and views of this stunning 3 bedroom, 2.5 bath ''Endeavor'' model. The PREMIUM WASH LOT and outdoor living space offers gorgeous sunrises and private Sonoran desert views from the extended paver patio, surrounded by beautiful mature landscape. The home is just as beautiful inside with details that include a gourmet kitchen featuring upgraded staggered cabinetry w/roll-out trays, gas cooktop, beautiful granite countertops, tile backsplash, pendant lighting, RO system, water softener, tankless hot water, NEW A/C unit, impressive entry door, laundry/garage cabinets, entertainment center, solar and MUCH MORE! The primary suite features matching granite and cabinets, soaking tub w/separate shower and a large walk in closet. A MUST SEE HOME! Enjoy our Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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